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The Tron DeFi ecosystem surpasses the $21.7 billion mark led by Just Cryptos & JustLend DAO, but TRX price faces a short-term bearish trend.
Tron’s decentralized finance ecosystem has reached a significant milestone, with its Total Value Locked (TVL) exceeding $21.7 billion and extending the growth spurt. This metric, a common measure in DeFi sectors, indicates the total value of assets deposited in Tron-based DeFi protocols.
At the forefront of Tron’s DeFi landscape is “Just Cryptos,” ranking first with a TVL of $7.1 billion. Following closely is “JustLend DAO,” a lending and staking platform with a TVL of $6.4 billion. Other notable projects include “TRX Staking Governance” and “JustStable,” each offering distinct functionalities within the DeFi space.
🔥Total Value Locked(#TVL) in #TRON #DeFi Ecosystem exceeded $21.7 Billion & keeps growing today! pic.twitter.com/vwyzHV8FUL
— TRONSCAN (@TRONSCAN_ORG) May 10, 2024
Just Cryptos, JustLend DAO, and TRX Staking Governance have experienced positive growth in their TVL over the last 24 hours, indicating active trading and investment activity. Just Cryptos, in particular, saw a 2.31% increase.
Tron Q1 2024 Performance
Elsewhere, according to Messari, Tron demonstrated positive growth across various key metrics in Q1 2024, including market cap, revenue, DeFi TVL, stablecoin market cap, and average daily DEX volume. Notably, Tron’s revenue reached an all-time high of $128.1 million, positioning it among the top networks in terms of revenue generation.
Notably, March marked a significant increase in Daily Active Addresses (DAAs) on the Tron Network, surpassing 2 million. It is a proof of the network’s strength and popularity among users. Additionally, Tron celebrated a milestone of exceeding 216 million total accounts.
TRX Price Performance
On the technical front, the price of Tron (TRX) has experienced some fluctuations in the past 24 hours, witnessing a slight decline of -1.22%. However, over the course of the last 7 days, TRX has demonstrated resilience with a 1.32% increase, outperforming the global cryptocurrency market.
Examining key technical indicators such as the Exponential Moving Average (EMA) and the MACD indicator reinforces the bearish outlook. The crossover of the MACD line below the signal line, coupled with the price falling below the EMA, suggests short-term bearish sentiment prevailing in the market.